Key Takeaways Rivian Automotive shares rose Friday, a day after the electric vehicle maker announced it had finalized a federal loan worth up to $6.6 billion to build a factory in Georgia.The plant—set to be built "less than one hour's drive from downtown Atlanta,

Loan Programs Office (LPO) announced today the closing of a $6.57 billion loan ($5.975 billion of principal and $592 million of capitalized interest) to Rivian New Horizon," the U.S. Department of Energy said.

The deal in the waning days of the Biden administration could insulate the loan from attempts to cut back on the Department of Energy’s Loan Programs Office, analysts say.